Archive for January, 2015

Follow the Money to Cuba

Friday, January 16th, 2015

Wealthy Americans will capitalize on softening relations with Cuba in travel, real estate and import/export.

Wealthy Americans will capitalize on softening relations with Cuba.

With the loosening of the US embargo on Cuba and the removal of many travel restrictions, you can be sure that wealthy Americans will quickly take advantage of new opportunities. First off, many are clamoring to travel there right away. According to an article published by the Associated Press, “The few US companies facilitating travel to Cuba say inquiries have exploded since December.”

Additionally, with the easing of restrictions to certain sectors of trade and investments, Cuba will be attracting investors who want to get in on the ground floor of what could become a complete lifting of the embargo in the future.

Other Financial Implications of the Softening of Relations Include:

 

The News Has the Art World Buzzing

This formerly isolated nation simply bursting at the seams with creativity is seen as the next hot market in art. In a recent two-week period, a record $2.3 billion of Cuban art was just auctioned. According to Alberto Magnan, a Cuba-born NYC Gallery owner, thawed relations will have a huge impact because Cuba was a limited market in terms of who was even able to see the art. “That number now will become huge,” he said.

Opening the Flow of Luxury Goods

Trade restrictions with Cuba have been eased allowing agricultural equipment, building materials and goods for private-sector Cuban entrepreneurs to be exported from the US. Import restrictions have also loosened, with licensed US travelers authorized to bring Cuban goods (read: cigars) back to America, purchased with their US credit and debit cards. You can bet that wealthy opportunists will capitalize on the friendlier relations between Cuba and the United States.

Real Estate Investment Will Surge

It’s just a matter of time when Cuba opens up completely to American tourists and accommodates their penchant for luxury accommodations. “You’re going to see American hoteliers doing their best to find potential properties in Cuba,” says Steve Loucks, Chief Communications Officer of the Travel Leaders Group. “Four-star resorts don’t go up in a day…but we’re very positive about the potential.”

The good news for marketers is that Cuba is close and now you can have the cigar. You just need to get that message into the hands of wealthy travelers and affluent investors.

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